Zijin Mining Posts 1.32% Rise in H1 Net Profit despite Falling Gold and Copper Prices

SHANGHAI, Jul. 23 (SMM) – China’s largest gold producer Zijin Mining Group Co. said its net profit attributable to owners of the listed company grew 1.32% year-on-year in H1 2014 to 1.11 billion yuan ($180.40 million), according to the preliminary interim report filed to both Hong Kong Stock Exchange and Shanghai Stock Exchange.

Despite sharp declines in copper and gold prices in H1 this year, Zijin Mining increased production and sales of mineral products to partly offset gross profit decline resulting from lower metal prices.

The company also replaced part of the short-term borrowings with high interest rate by issuing mid-term bonds in October 2013, helping it lower capital cost, it said in the report.